Establishing credit without a credit card?

Ricardo Rozelle: small personal loan from your bank

Maritza Ebanks: Have you tried for a credit card?I've heard Discover is easy to get. Just make sure the one you choose does not have an annual fee. Credit cards are free, despite what others may state.You can charge small things you need like food or gas and pay in full each month.This way you never pay interest and develop amazing credit with time.Some credit cards even give you cash back.Any other way of establishing credit will cost you.Such as a secured loan or a secured credit card....Show more

Jose Bouliouris: Installment loans build credit by making payments over time. You have to pay on an installment loan for at least 12 months to do much for your credit. You pay interest the whole time. Kind of an expensive way to buy a few points for your score. Taking out an installment loan just to build credit is not such a good idea.Get a credit card, even if you have to start with a secured card -- you p! ay a deposit which is held as collateral against the line of credit. use the card for regular purchases, wait for the statement, and pay the balance in full every month. That will build credit and avoid interest. You will still have to use the card for a year to do much for your score, but you won't pay any interest....Show more

Jeannetta Gaffigan: You can head to a local credit union and see if they hav secured loans. With this you need to have some money saved up. The rates usually are 3% or under and they would secure the funds you deposit to gaurentee the loan. You can do them as low as 500 if you want.